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Diploma in Carbon Markets & Climate Finance
Module 1. Foundations of Carbon Markets and Climate Finance
Climate change economics and the case for carbon pricing
Market mechanisms: cap-and-trade vs. baseline-and-credit
Evolution of global carbon markets under the UNFCCC and Paris Agreement (Article 6 focus)
Introduction to climate finance: flows, instruments, and global needs
Ethics and controversies: additionality, leakage, and greenwashing
Quiz
Module 2. Compliance Carbon Markets I: Europe
Deep-dive into the EU’s pioneering schemes and their global spillovers
Carbon Border Adjustment Mechanism (CBAM): mechanics, reporting, and 2026 transition to payments
New Linking ETS with energy policy: Fit for 55, ETS2 for buildings and road transport
Case study: a shipping company’s compliance journey in 2025–2027
UK ETS reforms and divergence from the EU
Quiz
Module 3. Compliance Carbon Markets II: Global Perspectives
China’s ETS expansion to steel, cement, aluminium, and compliance structure
Korea ETS Phase 4 plan (2026–2035), price dynamics, and derivatives
Australia’s Safeguard Mechanism: baselines, credits, and cost containment
North America: California, Quebec (WCI), and Washington State cap-and-invest
Canada’s federal backstop and provincial carbon pricing
Quiz
Module 4. International Sectoral Schemes and Article 6
Article 6.2 and 6.4: bilateral transfers and the UN crediting mechanism
CORSIA for international aviation: obligations, eligible units, and supply risks
International maritime initiatives: IMO strategy and overlaps with ETS
Corresponding adjustments, double counting risks, and host country LoAs
Case study: Airline procurement strategy under CORSIA
Quiz
Module 5. Voluntary Carbon Markets and Integrity Standards
Evolution of the voluntary market: REDD+, renewable energy, cookstoves, and removals
ICVCM Core Carbon Principles: quality labels and implications
VCMI Claims Code v3.0: Scope 3 Action/Flexibility Claim and disclosure requirements
Corporate buyer perspectives: reputational risk, assurance, and greenwashing litigation
Practical lab: designing a credible voluntary carbon claim
Quiz
Module 6. Carbon Removals, Nature-Based Solutions, and Innovation
EU Carbon Removals Certification Framework (CRCF): scope, methodologies, and registry
Nature-based solutions: afforestation, soil carbon, blue carbon, and permanence risks
Technological removals: DACCS, BECCS, biochar, enhanced weathering
New Procurement models for removals: offtake agreements, advanced market commitments
Case study: Climeworks Mammoth and lessons for corporate buyers
Quiz
Module 7. Climate Finance Instruments and Carbon as an Asset Class
Green bonds, transition bonds, and sustainability-linked loans with carbon KPIs
Carbon credits as financial assets: derivatives, futures, and risk hedging
Climate funds, blended finance, and multilateral support for developing countries
Role of development banks and sovereign carbon finance strategies
Case study: carbon-linked financing for a renewable energy project
Quiz
Module 8. Governance, Disclosure, and Legal Risks
MRV (Measurement, Reporting, Verification) standards and digital registry innovations
Corporate disclosure requirements: ISSB, CSRD (under review), SEC climate rules
Litigation and liability: carbon claims, misrepresentation, and greenwashing
Internal governance: board responsibility, climate officers, and compliance programs
Building a corporate carbon risk register and audit trail
Quiz
Module 9. Capstone Project
Instructions
Final Test
Final Exam
Recommended Reading
Recommended Reading
Carbon credits as financial assets: derivatives, futures, and risk hedging
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